On January 29, 2013, the Company borrowed an additional $100,000 from Tumlins Trade Inc. The loan is unsecured, and bears interest at 7.5% per annum. This loan is payable on demand after the first anniversary, upon thirty (30) days notice. Tumlins Trade Inc. In lieu of repayment of such loan in cash, Tumlins Trade Inc., at its sole option and discretion may convert such note and request the Company to repay any or all of the principal and interest in the form of restricted common stock of the Company at a price per share equal to Ten Cents (US $0.10) (the “Conversion Price”). Such Conversion Price shall be effective after the completion of the Reverse Stock Split .
So let me understand this better. Does Tumlins get (if they choose) A real steal of A deal. Restricted stock = to.001 pre conversion price ? Is that right?
